Cannabis Legalization For Medical And Therapeutic Purposes Accelerating The Global Cannabis Market

Cannabis Market

All around the globe, the legalization of cannabis is gaining momentum. This impetus is driven mainly by the augmenting recognition that cannabis has with wide-ranging legal therapeutic applications and medicinal benefits. Cannabis is broadly cultivated, consumed, and trafficked drug globally as per to the UNODC (United Nations Office on Drugs and Crime). The use of cannabis dates back to around thousands of years, with its intake based on the accepted medicinal and therapeutic benefits. The spiritual & social use of cannabis is also well-known. The three dominant species of cannabis are Cannabis indica, Cannabis sativa, and Cannabis ruderalis. Nowadays, most of the cannabis—also known as marijuana—varieties cultivated are hybrids that exhibit characteristics of two or more of these main species.

The hemp with a small quantity of psychotropic substances is mainly obtained from Sativa family and finds far-reaching applications in textiles, paper, fuel, and biodegradable plastics. It is also one of the fastest-growing crops that need little or no pesticides, less industrial treatment after harvesting, and less overall environmental impact. The industrial hemp is cultivable on most of the world’s agricultural land, with Canada, China, and France as some of the key exporters. The academic interest in cannabis started during the 1940–1960s with the derivation of its active principles such as THC (tetrahydrocannabinol), CBD (cannabidiol), and cannabinol.

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The preliminary research in this area stated that the human body naturally forms its cannabinoids and utilizes them to standardize homeostasis. The human body dynamically controls variables in relation to immune response, appetite, mood, memory, sleep, pain, and other functions by naturally forming compounds called “endocannabinoids” and carrying them to these receptors.

The cannabis consumer product firms and retailers are rapidly evolving to fulfill the requirements of the general cannabis consumer. Cannabis users are no more restricted to smoking flowers with pipes, joints, or bongs, but now they can choose from an increasing variety of products, as well as infused products, concentrates, and topicals. The products coming to the market ever more address the qualities demanded by the modern consumer, such as ease of use, more considerable discretion, accurate dosing, and product safety. To woo more customers, the companies have retorted to these demands with more sophisticated advertising & packaging.

The continuous research & development of products for medicinal use are anticipated to surge the popularity, plus the demand for cannabis in the upcoming years. On a similar note, the US-based cannabis company MedMen is targeting on augmenting its production capacity through advanced technology that is similar to the standards followed in the pharmaceutical & biotechnology industries for cannabis cultivation. The company aims to surge its reach by acquisitions and partnerships with different dispensaries across the US. Also, another US-based company Terra Tech Corp. with its seed to sale model focuses on producing low-cost cannabis to aid in augmenting profitability to dominate the markets across Nevada, California, and New Jersey.

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